- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
If your PPP loan was forgiven, then you don't report it as income on your partnership tax return. If you used the funds for qualifying expenses, they are deductible as they would be otherwise. So, there would be no additional entries on your partnership tax return, simply leave the PPP proceeds off the return. It is not reportable on the partner K-1 schedules, as it is not taxable to the partners.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 12, 2021
12:55 PM